Meta Platforms is planning to introduce virtual tokens and cryptocurrencies for its apps to use such virtual tokens for rewarding creators and lending and other financial services. The move comes as Meta is increasing its focus on services centred around the metaverse, a virtual environment where people interact, work and play. If the plan gets executed, it can give Meta a new revenue channel and control over transactions in its apps and services like Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.

Meta’s cryptocurrencies are planned for the metaverse and may not be established on the blockchain. Meta will most likely introduce in-app tokens that the company would centrally control. The tokens can be used to pay favourite creators on Instagram or reward people who make meaningful contributions to Facebook groups.